Daily Insurance Industry News
 
 
Daily Insurance Industry News
Saturday 21st of July 2018
August 28, 2009

Omega posts drop in profits

by David Masters

Story link: Omega posts drop in profits

Omega Insurance Holdings this week posted a 5.5% drop in first half profits. The Bermuda-based insurer reported net income down to $20.6 million from $21.8 million in the year ago period. The fall in profit came despite a rise in gross premiums written, up 1% from $185.9 million to $187.5 million, and an 1.2 percentage […]



AIG shares surge with Greenberg collaboration rumours

by David Masters

Story link: AIG shares surge with Greenberg collaboration rumours

Shares in AIG sky-rocketed 27% yesterday following reports that the company’s new boss, Robert Benmosche, is seeking the advice of former CEO Maurice “Hank” Greenberg. Investors believe the reconciliation is “meaningful”, analysts said, because of Greenberg’s access to capital and business opportunities. Greenberg was forced out of AIG in 2005 following an accounting scandal at […]



Young motorists unaware that insurance is legally required

by David Masters

Story link: Young motorists unaware that insurance is legally required

One in ten young drivers aren’t aware that car insurance is a legal requirement, while one in five are taking to the roads without insurance. A quarter of a million 17-20 year olds are getting behind the wheel without insurance cover, according to new figures from the Motor Insurance Bureau (MIB). Drivers in this age […]



Fortis UK splits from Fortis Group

by David Masters

Story link: Fortis UK splits from Fortis Group

Fortis UK profit fell 27% in the first half of 2009 to £31.7 million despite a 7% rise in non-life premium income. The firm blamed the drop on cold weather in the first quarter which caused a flurry of household insurance claims, coupled with increased personal injury motor claims and lower investment income. Barry Smith, […]



Ecclesiastical records interim profits

by Richard Kilner

Story link: Ecclesiastical records interim profits

Specialist insurer Ecclesiastical has posted its interim financial results for 2009, including pre-tax profits of £25.7m, a sharp improvement on the £21.5m loss incurred during 2008. The insurer saw gross written premiums rise by 9% to £229.9m, and general business underwriting delivered a profit of £15.1m compared to a £5.4m in the previous year. Group […]



Learner drivers could save with Provisional Marmalade

by Richard Kilner

Story link: Learner drivers could save with Provisional Marmalade

Learner drivers could be in line for big savings as the people behind award-winning young driver specialist Young Marmalade have launched Provisional Marmalade to help support learner drivers. Provisional Marmalade is car insurance which covers learner drivers practising in the cars of their friends and family, whilst being supervised. Should any claims be necessary they […]



JSW Insurance offers dedicated letting agent package

by Richard Kilner

Story link: JSW Insurance offers dedicated letting agent package

JSW Insurance Services Ltd (JSW) has opened a new division (Landlordsure.co.uk) to cater solely to the needs of letting agents and landlords including a complete insurance package created for letting agents. The division consists of all the insurance aspects letting agents need, in one location. Liability cover for maintenance, professional indemnity, office and legal expenses […]



Heath Lambert selected by Care UK

by Richard Kilner

Story link: Heath Lambert selected by Care UK

Insurance broker and risk adviser Heath Lambert has been selected by leading independent health and social care provider Care UK to provide the group with insurance. Care UK has a quarter of a century’s experience providing the elderly, the young, the disabled and sufferers of mental disorders with nursing, residential and community care. In addition […]



Private motor underwriting losses hit £1bn

by Gill Montia

Story link: Private motor underwriting losses hit £1bn

A leading research consultancy is challenging figures provided to the Financial Services Authority (FSA) by the UK’s private motor insurers. Watson Wyatt claims that the sector made a loss of £1 billion in 2008, more than double the amount reported to the regulator. The firm suggests that the £493 million loss reported last year was […]



Internet shopping for burglars on social networks

by Richard Kilner

Story link: Internet shopping for burglars on social networks

Legal & General, in collaboration with reformed burglar Michael Fraser, has released a report entitled The Digital Criminal regarding the use of social media by the public and criminals. According to the report many give away too much personal information over the internet, particularly on social network sites, which is then utilised by burglars to […]



LV= warn against sharing PINs

by Richard Kilner

Story link: LV= warn against sharing PINs

LV= home insurance has commissioned research revealing that during the last 12 months 8m Britons have given their PIN to friends and family. Younger people are the likeliest to share, with 36% of under-35s admitting they’d asked someone else to use their card. However, 24% of these have subsequently found themselves to be victims of […]



Sexy pedestrians distract male drivers

by David Masters

Story link: Sexy pedestrians distract male drivers

Three quarters of motorists admit to having been distracted while driving. The most likely distractions include attractive people in other cars, attractive pedestrians, and a “nice view”. Seven in ten men admit to being distracted by an attractive person in another car or on the street, compared with just a quarter of women. “A nice […]



Aviva issues recession advice to brokers

by David Masters

Story link: Aviva issues recession advice to brokers

If insurance brokers are to weather the recession, they must pay close attention to customer needs, Aviva said in a new report. “With customers increasing their propensity to switch, and a higher demand for voluntary excesses and/or reduced cover, brokers with the greatest customer knowledge will be best placed to adapt services and products to […]



Fortis names new chief risk officer and CEO of AG Insurance

by Richard Kilner

Story link: Fortis names new chief risk officer and CEO of AG Insurance

Fortis has announced a pair of senior appointments, with Kurt De Schepper named as chief risk officer, and Antonio Cano becoming chief executive officer of AG Insurance within the new, streamlined management structure. Both appointments are effective from 1 September and require the regulatory go ahead from the Banking, Finance and Insurance Commission (CBFA). Fortis […]



August 27, 2009

Insurers saved £48m by Keoghs

by Richard Kilner

Story link: Insurers saved £48m by Keoghs

Keoghs LLP, the specialist insurance law firm, has helped prevent £48m being paid out by the country’s leading insurers on suspicious claims during the course of the last year. The number stands a fifth larger than that of the previous year, a sign of Keoghs’ progress in the field as well as increasing insurance fraud. […]



Cornish Mutual reinsures with Ecclesiastical

by Gill Montia

Story link: Cornish Mutual reinsures with Ecclesiastical

Cornish Mutual has secured a new reinsurance deal with specialist insurer, Ecclesiastical. The Exeter-based mutual says the arrangement will allow it to continue providing the highest levels of service and first-class products for its members, while at the same time providing the capacity to offer insurance for larger risks. Managing director, Alan Goddard, comments: “We’re […]



Chaucer streaks ahead 40% on premium income

by Gill Montia

Story link: Chaucer streaks ahead 40% on premium income

Specialist motor insurer, Chaucer, has reported a stunning first half with premium income up an annual 38.2%, to £491 million, and pre-tax profit soaring 300% to £17.0 million. Profit before tax and foreign exchange adjustments on non-monetary items stood at £52.6 million, compared with £3.4 million in the same period of 2008. First-half underwriting profit […]



Willis name president of Willis HRH

by Richard Kilner

Story link: Willis name president of Willis HRH

Global insurance broker Willis Group Holdings (NYSE: WSH) has announced the appointment of Vic Krauze as president of Willis HRH (the North American retail business). Krauze will retain his present position of chief operating officer of Willis HRH and continue to report directly to the chairman and CEO of Willis HRH, Don Bailey. In his […]



August 26, 2009

Aviva pulls cover on insurance fraudsters

by David Masters

Story link: Aviva pulls cover on insurance fraudsters

Aviva has reported a significant increase in fraudulent insurance claims during the first half of this year. Fraudulent claims, including fake injuries and inflated car-repair bills, increased by around a third during the six months to June. Andrew Buck, Aviva’s claims fraud manager, speculated that the rise in claims is related to the economic downturn. […]



Insurance ads “eye-stabbingly terrible”

by David Masters

Story link: Insurance ads “eye-stabbingly terrible”

This summer was the worst ever for TV ads, according to a Guardian columnist, and insurance companies are responsible. Stephen Armstrong blamed Churchill Insurance, confused.com, gocompare.com, comparethemarket.com, and moneysupermarket.com for an “eye-stabbingly terrible” season of adverts. “Even the previously passable CompareTheMeerkat campaign has started to eat itself, with a tediously unfunny “bloopers” spot,” Armstrong claims. […]